Grayscale launched its new Solana-based spot ETF, GSOL, on October 29th, garnering a noteworthy $1.4 million in net inflows on its first trading day despite a surge of withdrawals from Bitcoin and Ethereum ETFs. This success highlights the continued interest in alternative cryptocurrency investments amid challenging market conditions. Data reveals that GSOL’s transition to an ETF format allowed it to stand out in a period of significant volatility. 2023 witnessed record-breaking activity for both Bitwise’s BSOL and Grayscale’s GSOL ETFs, with the former achieving impressive initial capital inflows exceeding $116 million in its launch week.
A day prior to GSOL’s debut, Bitwise unveiled their BSOL ETF. This new entrant saw rapid adoption on its launch day, attracting a total of $69.5 million on October 28th and further $46.5 million on the next day. The overall performance for BSOL reached $116 million in total investment volume, establishing an impressive record for the first-day trading volume in 2025.
While Grayscale’s GSOL carries a higher management fee of 0.35%, Bitwise’s BSOL ETF boasts a lower fee at 0.20%. This discrepancy, however, could pose a challenge to Grayscale as they face competition from their rival’s efficient offerings.